Current Events

European Union running on empty as the Enemy Within Turn off the gas taps to sanction Russia

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Throughout much of the European Union the old, the young, the already impoverished, the jobless due to the scamdemic are frozen out of the gas market. The political elite, responsible for the woes of the working class, stay warm in their tax-funded heated homes.

Much of the European Union Gas reserves in Europe nosedived to historically low levels this month. According to data by Gas Infrastructure Europe, consumption from storage facilities this January is one third more than the average for the previous five years.

Experts have been raising concerns about the risk of full supply disruption to the EU if Washington provoked tensions between Moscow and Kiev escalate. The European Union receives roughly 40% of its gas via Russian pipelines, several of which run through Ukraine. Two incoming gas pipelines have been switched off not by Russia but by the EU political class.

Statistics showed that storage facilities were 39.65% full of gas as of January 27. This is the first time that inventories dropped below the 40% mark. The level is 15.6 percentage points below the five-year average. Typically, Europe’s gas inventories don’t fall even to half until about early-to-mid February. During some mild winters, the inventories don’t sink below midpoint until early March.

This month stockholders decided to use reserves to protect (profit from) against high prices. In many contracts with suppliers, an exchange index ‘for a month ahead’ is used, and now the price of its execution is at an all-time high. On average, gas was traded at $1,310 per thousand cubic meters last month at the TTF hub, with a maximum value of up to $2,138. Under such conditions, buying gas on the spot market at $976 per thousand cubic meters on average looks like a good solution, experts say.

The profit defensive behaviour of importers has also seriously reduced the physical import of gas to Europe. In the first half of January, Gazprom’s exports to non-CIS countries fell by 40%. However, analysts note that export volumes may change as early as February as prices stabilize.

According to the experts, the arrival of liquefied natural gas (LNG) American cargos in Europe has mildly averted a crisis. Last week, Europe’s gas transportation system received approximately 434 million cubic meters, a record for that date.

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